ASSA ABLOY's acquisition of Nemef and Corbin from Black & Decker is approved and will be completed

The acquisition strengthens the Group's position in the Netherlands and Italy, and includes the well known brand names Nemef and Corbin.

 

Nemef in Apeldoorn, Netherlands produces and sells a full range of locks including cylinders. Corbin in Bologna, Italy manufactures cylinders and sells padlocks and locks. Nemef was founded in the beginning of the century, and is one of Europe's leading manufacturer of lock cases. Corbin was set up in the sixties, then as a part of Corbin Russwin in the USA, a company acquired by ASSA ABLOY in 2000.

 

The acquisition price amounts to EUR 66 M and will create goodwill amounting to approximately EUR 40 M. The acquisition will be EPS positive from 2004. 

 

ASSA ABLOY and Black & Decker have decided to withdraw the notification of the DOM acquisition to the German Competition Authority. Discussions are ongoing between ASSA ABLOY and Black & Decker to find a favorable solution for all parties.